Disability Income Insurance

What is it?

Dis­abil­i­ty Income Insur­ance pro­vides a month­ly pay­ment to cov­er liv­ing expens­es if you are dis­abled due to injury or ill­ness and unable to per­form a job. The insur­ance only kicks in if you are unable to per­form any job, not just your cur­rent job.

Why is it important?

Many peo­ple may not have enough income or sav­ings to cov­er month­ly liv­ing expens­es — util­i­ties, house and car pay­ments, gro­ceries — should they be unable to work. Dis­abil­i­ty insur­ance is impor­tant because it pro­vides a safe­ty net if you find your­self in this posi­tion.

Who is it for?

Dis­abil­i­ty income insur­ance is a good idea if you work and your employ­er doesn’t pro­vide ade­quate insur­ance. How­ev­er, dis­abil­i­ty income insur­ance is not for every­one. For instance, if you and your spouse work and you can cov­er liv­ing expens­es on just one salary, this insur­ance may not be nec­es­sary for both of you.